Enterprise Risk Management (ERM)

Role & responsibilities

To support and drive the Enterprise Risk Management function, ensuring compliance with IRDAI, SEBI, RBI, and other applicable regulatory frameworks, while driving a strong risk culture and governance across the organization. The role also ensures alignment with ISO 31000:2018 standards for risk management.

Key Responsibilities

• Develop, implement, and maintain the ERM framework in alignment with ISO 31000:2018 and IRDAIs Corporate Governance and Risk-Based Supervision guidelines 

 • Establish risk policies, risk appetite statements, and risk registers across business functions.

 • Facilitate the implementation of the Three Lines of Defense model. 

 • Ensure compliance with IRDAI’s risk management regulations, including solvency, stress testing, and risk-based capital (RBC) requirements. 

 • Coordinate with internal teams to ensure timely submission of risk-related reports to regulatory authorities. 

 • Support implementation of Ind-AS 117 and other regulatory accounting standards impacting risk. 

 • Conduct periodic risk assessments including strategic, operational, financial, insurance, cyber, climate, and reputational risks. 

 • Monitor key risk indicators (KRIs) and emerging risks, including ESG and climate related risks. 

 • Lead scenario analysis and stress testing exercises. 

 • Support the Risk Management Committee of the Board (RMC) and other governance forums. 

 • Prepare risk dashboards and presentations for senior management and board-level discussions. 

 • Liaise with internal audit, compliance, actuarial, and finance teams for integrated risk oversight. 

 • Collaborate with IT and InfoSec teams to assess and mitigate cyber and data privacy risks. 

 • Support implementation of risk analytics tools and automation of risk reporting. 

 • Develop and maintain Risk Heatmaps to visually represent risk severity and likelihood across business functions. 

 • Implement and monitor RAG (Red-Amber-Green) risk rating methodology to classify and prioritize risks effectively. 

 • Define and align organizational Risk Appetite and Risk Tolerance levels with strategic objectives and regulatory expectations. 

 • Assess and document Inherent Risks across key processes and ensure appropriate mitigation strategies are in place. 

 • Integrate RAG ratings and Risk Heatmap insights into Board-level reporting and decision-making frameworks. 

 • Prepare and review Asset-Liability Management (ALM) reports and ensure alignment with IRDAI norms. 

 • Maintain and update the Risk Control Matrix; lead the Crisis Management Team during incidents. 

 • Conduct and support audits such as IRMS, IFC, Concurrent, ISO, and others as mandated. 

 • Promote risk awareness across departments and conduct periodic training sessions. 

 • Monitor and review the risk management framework and processes for continual improvement. 

 Must-Have Experience 

 • Strong understanding of insurance operations, finance, and regulatory compliance. 

 • Hands-on experience in managing audits, ALM, BCP/DR, and risk reporting. 

Key Skills & Attributes 

 • Excellent knowledge of finance and regulatory frameworks. 

 • Ability to track, update, and manage all risk-related compliances with zero deviations. 

 • High on integrity, discipline, organization, self-drive, and ownership. 

 • Strong analytical and communication skills.